UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 15, 2011
AMERICANWEST BANCORPORATION
(Exact name of registrant as specified in its charter)
| Washington | 0-18561 | 91-1259511 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
| 41 W. Riverside Avenue, Suite 300 Spokane, WA |
99201 | |
| (Address of principal executive offices) | (Zip Code) | |
Registrant’s telephone number, including area code: (509) 467-6993
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4 (c)) |
| Item 7.01 | Regulation FD Disclosure |
As previously reported, on October 28, 2010, AmericanWest Bancorporation (the “Company”) filed a voluntary petition for reorganization under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Eastern District of Washington (the “Bankruptcy Court”). The Company is currently the “debtor-in-possession” of its limited business under the jurisdiction of the Bankruptcy Court in accordance with the applicable provisions of the Bankruptcy Code. Regardless of the outcome of the proceedings in the Bankruptcy Court, the Company does not expect that any assets will be available for distribution to the holders of the Company’s common stock.
On August 15, 2011, the Company filed with the Bankruptcy Court the Company’s Monthly Operating Report for the period from July 1, 2011 through July 31, 2011 (the “July Monthly Operating Report”). A copy of the July Monthly Operating Report is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by this reference. A complete copy of the July Monthly Operating Report is also publicly available on the internet and may be accessed at http://pacer.uspci.uscourts.gov.
Limitation on Incorporation by Reference
In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
Cautionary Statement Regarding the July Monthly Operating Report
The Company cautions investors and potential investors not to place undue reliance upon the information contained in the July Monthly Operating Report, which was not prepared for the purpose of providing the basis for an investment decision relating to any of the securities of the Company. The July Monthly Operating Report is limited in scope, covers a limited time period and has been prepared solely for the purpose of complying with the monthly reporting requirements of the Bankruptcy Court. The July Monthly Operating Report was not audited or reviewed by independent accountants, was not prepared in accordance with generally accepted accounting principles in the United States, is in a format prescribed by applicable bankruptcy laws, and is subject to future adjustment and reconciliation. There can be no assurance that, from the perspective of an investor or potential investor in the Company’s securities, the July Monthly Operating Report is complete. The July Monthly Operating Report also contains information for periods which are shorter or otherwise different from those required in the Company’s reports pursuant to the Exchange Act, and such information might not be indicative of the Company’s financial condition or operating results for the period that would be reflected in the Company’s financial statements or in its reports pursuant to the Exchange Act. Results set forth in the July Monthly Operating Report should not be viewed as indicative of future results.
Cautionary Statement Regarding Forward-Looking Statements
The information contained in this Current Report on Form 8-K includes forward-looking statements, and the Company intends for such statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s expectation that there will not be any assets available for distribution to the Company’s common shareholders, the Company’s beliefs concerning future business conditions, the Company’s outlook based on currently available information and the Company’s statements regarding its expectations concerning the bankruptcy process. Factors that could cause actual results to differ materially from those projected in such forward-looking statements include, without limitation: (i) the ability of the Company to develop, pursue, confirm and consummate one or more plans of liquidation or reorganization with respect to the Chapter 11 proceeding; (ii) the ability of the Company to obtain Bankruptcy Court approval of its motions in the Chapter 11 proceeding; (iii) risks associated with third parties seeking and obtaining Bankruptcy Court approval to (a) terminate or shorten the exclusivity period for the Company to propose and confirm one or more plans; (b) appoint a trustee; or (c) convert the case to a Chapter 7 proceeding; (iv) potential adverse developments with respect to the Company’s liquidity or results of operations; and (v) the risks and uncertainties described in the Company’s periodic filings with the Securities and Exchange Commission. The Company undertakes no obligation to revise or amend any forward-looking statement to reflect subsequent events or circumstances.
| Item 9.01 | Financial Statements and Exhibits |
| (d) | Exhibits |
| 99.1 | Monthly Operating Report for the period from July 1, 2011 through July 31, 2011, filed with the U.S. Bankruptcy Court for the Eastern District of Washington on August 15, 2011. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AMERICANWEST BANCORPORATION, a Washington corporation | ||||||||
| Date: August 18, 2011 | By: | /s/ PATRICK J. RUSNAK | ||||||
| Patrick J. Rusnak | ||||||||
| President and Chief Executive Officer | ||||||||
Exhibit 99.1
Office of the US Trustee - Region 18
Seattle, Washington
Monthly Reporting Requirements
Corporations and Partnerships
All Chapter 11 debtors (other than individuals) must serve the U.S. Trustee with the documents and reports identified below no later than the 15th day of the month following the end of the month covered by the report.
Debtor Name: AmericanWest Bancorporation
Case Number: 10-06097-PCW11
For the month of: July 2011
| Required Documents | Document Attached |
Previously Submitted |
Explanation Attached | |||
| 1. Income Statement (profit and loss statement). |
( X ) | ( ) | ( ) | |||
| 2. Comparative Balance Sheet. |
( X ) | ( ) | ( ) | |||
| 3. Statement of Cash Receipts and Disbursements. |
( X ) | ( ) | ( ) | |||
| 4. Statement of Aged Receivables. |
( X ) | ( ) | ( ) | |||
| 5. Statement of Aged Payables. |
( X ) | ( ) | ( ) | |||
| 6. Statement of Operations, Taxes, Insurance and Personnel. |
( X ) | ( ) | ( ) | |||
| 7. Other documents/reports as required by the U.S. Trustee: None |
( ) | ( ) | ( ) |
The undersigned certifies under penalty of perjurty (28 U.S.C. § 1746) that the information contained in this and accompanying reports is complete, true and correct to the best of my knowledge, information and belief.
| By: | /s/ Shelly L. Krasselt | Dated: August 12, 2011 | ||||
| Principal Accounting Officer | ||||||
| Title of Debtor Representative |
Office of the US Trustee - Region 18
Seattle, Washington
Debtor Name: AmericanWest Bancorporation
Case Number: 10-06097-PCW11
For the period: Refer to dates below
Basis of Accounting: Accrual
| Month Ending | ||||||||||||||||||||||||||||||||||||||||
| 10/28/10-10/31/10 | November 30, 2010 |
December 31, 2010 |
January 31, 2011 |
February 29, 2011 |
March 31, 2011 |
April 30, 2011 |
May 31, 2011 |
June 30, 2011 |
July 31, 2011 |
|||||||||||||||||||||||||||||||
| Income |
||||||||||||||||||||||||||||||||||||||||
| Gain on sale of assets |
$ | — | $ | — | $ | 37,020 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
| Expenses |
||||||||||||||||||||||||||||||||||||||||
| Payroll/Officer Expenses |
$ | 1,909 | $ | 3,215 | $ | 1,970 | $ | 5,750 | $ | 3,660 | $ | 5,477 | $ | 3,069 | $ | 1,550 | $ | 2,289 | $ | 557 | ||||||||||||||||||||
| Occupancy |
— | 971 | 595 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
| Director Fees |
— | — | 750 | 2,500 | 3,500 | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | ||||||||||||||||||||||||||||||
| Investor Relations |
692 | 234 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
| Service Contracts |
— | 89 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
| Ongoing Professional costs |
— | 1,646 | 2,334 | 12,298 | 5,529 | 3,995 | 3,922 | 2,247 | 1,374 | 2,707 | ||||||||||||||||||||||||||||||
| Professionals |
— | — | 65,179 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
| Interest Expense DIP loan |
— | 1,700 | 4,038 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
| Loan Fee |
— | 100,000 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
| Special Cousel |
— | 332,726 | 162,000 | 16,000 | 15,381 | 2,000 | 5,689 | (136 | ) | — | — | |||||||||||||||||||||||||||||
| Debtor’s Counsel |
— | 75,540 | 50,854 | 24,139 | 20,549 | 17,217 | 12,196 | 13,824 | 5,201 | — | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Total Expenses |
$ | 2,601 | $ | 516,121 | $ | 287,719 | $ | 60,687 | $ | 48,620 | $ | 31,189 | $ | 27,375 | $ | 19,985 | $ | 11,364 | $ | 5,764 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Net Income (Loss) |
$ | (2,601 | ) | $ | (516,121 | ) | $ | (250,699 | ) | $ | (60,687 | ) | $ | (48,620 | ) | $ | (31,189 | ) | $ | (27,375 | ) | $ | (19,985 | ) | $ | (11,364 | ) | $ | (5,764 | ) | ||||||||||
Office of the US Trustee - Region 18
Seattle, Washington
Debtor Name: AmericanWest Bancorporation
Case Number: 10-06097-PCW11
Comparative Balance Sheet
| 10/31/2010 | 11/30/2010 | 12/31/2010 | 1/31/2011 | 2/28/2011 | 3/31/2011 | 4/30/2011 | 5/31/2011 | 6/30/2011 | 7/31/2011 | |||||||||||||||||||||||||||||||
| Assets |
||||||||||||||||||||||||||||||||||||||||
| Current Assets |
||||||||||||||||||||||||||||||||||||||||
| Cash |
$ | 97,345 | $ | 6,988,798 | $ | 6,098,902 | $ | 5,910,113 | $ | 5,896,209 | $ | 5,827,500 | $ | 5,812,289 | $ | 5,794,491 | $ | 5,632,435 | $ | 5,643,645 | ||||||||||||||||||||
| Investment in WIN Partners |
$ | 100,000 | $ | 100,000 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Total Current Assets |
$ | 197,345 | $ | 7,088,798 | $ | 6,098,902 | $ | 5,910,113 | $ | 5,896,209 | $ | 5,827,500 | $ | 5,812,289 | $ | 5,794,491 | $ | 5,632,435 | $ | 5,643,645 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Accounts/Dividend Receivable |
||||||||||||||||||||||||||||||||||||||||
| Accrued Dividend Receivable - TRUPS prepetition |
$ | 184,842 | $ | 184,842 | $ | 184,842 | $ | 184,842 | $ | 184,842 | $ | 184,842 | $ | 184,842 | $ | 184,842 | $ | 184,842 | $ | 184,842 | ||||||||||||||||||||
| Accrued Dividend Receivable - TRUPS postpetition |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Total Accounts Receivable |
$ | 184,842 | $ | 184,842 | $ | 184,842 | $ | 184,842 | $ | 184,842 | $ | 184,842 | $ | 184,842 | $ | 184,842 | $ | 184,842 | $ | 184,842 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Other Assets |
||||||||||||||||||||||||||||||||||||||||
| Dashiell Insurance Policy Assignment of Benefits |
$ | 160,797 | $ | 160,797 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
| Real Property - Prosser Building and Land |
$ | 202,184 | $ | 202,184 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
| Investment in AmericanWest Bank |
$ | 6,000,000 | $ | 6,000,000 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
| Investment in TRUPS |
$ | 1,239,000 | $ | 1,239,000 | $ | 1,239,000 | $ | 1,239,000 | $ | 1,239,000 | $ | 1,239,000 | $ | 1,239,000 | $ | 1,239,000 | $ | 1,239,000 | $ | 1,239,000 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Total Other Assets |
$ | 7,601,981 | $ | 7,601,981 | $ | 1,239,000 | $ | 1,239,000 | $ | 1,239,000 | $ | 1,239,000 | $ | 1,239,000 | $ | 1,239,000 | $ | 1,239,000 | $ | 1,239,001 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Total Assets |
$ | 7,984,167 | $ | 14,875,621 | $ | 7,522,744 | $ | 7,333,956 | $ | 7,320,051 | $ | 7,251,343 | $ | 7,236,131 | $ | 7,218,334 | $ | 7,056,278 | $ | 7,067,487 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Liabilities |
||||||||||||||||||||||||||||||||||||||||
| Postpetition Liabilities: |
||||||||||||||||||||||||||||||||||||||||
| Accounts Payable |
$ | 692 | $ | 408,266 | $ | 306,089 | $ | 177,988 | $ | 212,703 | $ | 175,184 | $ | 187,347 | $ | 189,535 | $ | 38,843 | $ | 55,816 | ||||||||||||||||||||
| Debtor in Possession Loan to SKBHC Hawks Nest |
$ | — | $ | 850,000 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
| Stalking Horse Bid Deposit |
$ | — | $ | 6,150,000 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Total Postpetition Liabilities |
$ | 692 | $ | 7,408,266 | $ | 306,089 | $ | 177,988 | $ | 212,703 | $ | 175,184 | $ | 187,347 | $ | 189,535 | $ | 38,843 | $ | 55,816 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Prepetition Liabilities |
||||||||||||||||||||||||||||||||||||||||
| Accounts Payable |
$ | 1,337 | $ | 1,337 | $ | 1,337 | $ | 1,337 | $ | 1,337 | $ | 1,337 | $ | 1,337 | $ | 1,337 | $ | 1,337 | $ | 1,337 | ||||||||||||||||||||
| Notes Payable |
$ | 41,239,000 | $ | 41,239,000 | $ | 41,239,000 | $ | 41,239,000 | $ | 41,239,000 | $ | 41,239,000 | $ | 41,239,000 | $ | 41,239,000 | $ | 41,239,000 | $ | 41,239,000 | ||||||||||||||||||||
| Accrued Dividend Payable |
$ | 6,152,827 | $ | 6,152,827 | $ | 6,152,827 | $ | 6,152,827 | $ | 6,152,827 | $ | 6,152,827 | $ | 6,152,827 | $ | 6,152,827 | $ | 6,152,827 | $ | 6,152,827 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Total Prepetition Liabilities |
$ | 47,393,164 | $ | 47,393,164 | $ | 47,393,164 | $ | 47,393,164 | $ | 47,393,164 | $ | 47,393,164 | $ | 47,393,164 | $ | 47,393,164 | $ | 47,393,164 | $ | 47,393,164 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Total Liabilities |
$ | 47,393,856 | $ | 54,801,430 | $ | 47,699,253 | $ | 47,571,152 | $ | 47,605,867 | $ | 47,568,348 | $ | 47,580,511 | $ | 47,582,699 | $ | 47,432,007 | $ | 47,448,980 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Owner Equity |
||||||||||||||||||||||||||||||||||||||||
| Preferred Stock |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
| Common Stock |
$ | 253,482,472 | $ | 253,482,472 | $ | 253,482,472 | $ | 253,482,472 | $ | 253,482,472 | $ | 253,482,472 | $ | 253,482,472 | $ | 253,482,472 | $ | 253,482,472 | $ | 253,482,472 | ||||||||||||||||||||
| Retained Deficit |
$ | (292,892,160 | ) | $ | (293,408,281 | ) | $ | (293,658,981 | ) | $ | (293,719,668 | ) | $ | (293,768,288 | ) | $ | (293,799,477 | ) | $ | (293,826,852 | ) | $ | (293,846,837 | ) | $ | (293,858,201 | ) | $ | (293,863,965 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Total Owner Equity |
$ | (39,409,689 | ) | $ | (39,925,809 | ) | $ | (40,176,509 | ) | $ | (40,237,196 | ) | $ | (40,285,816 | ) | $ | (40,317,005 | ) | $ | (40,344,380 | ) | $ | (40,364,365 | ) | $ | (40,375,729 | ) | $ | (40,381,493 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Total Liabilities and Equity |
$ | 7,984,167 | $ | 14,875,621 | $ | 7,522,744 | $ | 7,333,956 | $ | 7,320,051 | $ | 7,251,343 | $ | 7,236,131 | $ | 7,218,334 | $ | 7,056,278 | $ | 7,067,487 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Office of the US Trustee - Region 18
Seattle, Washington
Debtor Name: AmericanWest Bancorporation
Case Number: 10-06097-PCW11
Statement of Cash Receipts
For the Month Ending: July 31, 2011
Cash Receipts
| Date | Description (Source) | Amount | ||||
| Beginning Cash Balance |
$ | 5,632,434.98 | ||||
| Uncashed Shareholder dividends from transfer agent |
$ | 20,084.71 | ||||
|
|
|
|||||
| Total Cash Receipts |
$ | 20,084.71 | ||||
|
|
|
|||||
Office of the US Trustee - Region 18
Seattle, Washington
Debtor Name: AmericanWest Bancorporation
Case Number: 10-06097-PCW11
Statement of Cash Disbursements
For the Month Ending: July 31, 2011
Cash Disbursements
| Date | Check No. | Payee | Description | Amount | ||||||
| 7/1/2011 | 1062 | RR Donnelley | EDGAR Preparation and Transmission Fees | $ | 480.00 | |||||
| 7/12/2011 | 1063 | IST Shareholder Services | Transfer Agent Service Fees for July | $ | 287.91 | |||||
| 7/12/2011 | 1064 | State Treasurer | Business License Renewal | $ | 69.00 | |||||
| 7/13/2011 | 1065 | Void Check | $ | — | ||||||
| 7/13/2011 | 1066 | US Trustee - 8021006097 | Quarterly Trustee Payment | $ | 1,625.00 | |||||
| 7/13/2011 | 1067 | Patrick J. Rusnak | May-June Services Rendered | $ | 645.65 | |||||
| 7/13/2011 | 1068 | Shelly L. Krasselt | May-June Services Rendered | $ | 1,954.87 | |||||
| 7/13/2011 | 1069 | Jay B Simmons | May-June Services Rendered | $ | 283.05 | |||||
| 7/18/2011 | 1070 | Jay B Simmons | Out of Pocket expenses | $ | 68.00 | |||||
| 7/18/2011 | 1071 | Shelly L. Krasselt | Out of Pocket expenses | $ | 8.80 | |||||
| 7/18/2011 | 1072 | Denise Sloon | Payroll Services Rendered | $ | 236.25 | |||||
| 7/25/2011 | ACH | Dept of Labor & Industries | Payroll Taxes Due | $ | 8.12 | |||||
| 7/26/2011 | 1073 | Utah State Tax Commission | Payroll Taxes Due | $ | 425.00 | * | ||||
| 7/26/2011 | 1074 | J. Frank Armijo | July Retainer Board of Director Fees | $ | 500.00 | * | ||||
| 7/26/2011 | 1075 | Kay C. Carnes | July Retainer Board of Director Fees | $ | 500.00 | |||||
| 7/26/2011 | 1076 | Craig D. Eerkes | July Retainer Board of Director Fees | $ | 500.00 | * | ||||
| 7/26/2011 | 1077 | Donald H. Swarts | July Retainer Board of Director Fees | $ | 500.00 | * | ||||
| 7/26/2011 | 1078 | P. Mike Taylor | July Retainer Board of Director Fees | $ | 500.00 | * | ||||
| 7/29/2011 | ACH | IRS | Payroll Taxes Due | $ | 119.48 | |||||
| 7/29/2011 | ACH | Utah Unemployment | Payroll Taxes Due | $ | 164.92 | |||||
|
|
|
|||||||||
| Total Cash Disbursements | $ | 8,876.05 | ||||||||
|
|
|
|||||||||
| Adjustments (explain) | $ | — | ||||||||
| Ending Cash Balance (must be reconcile to the bank statement for account cited above) | $ | 5,643,643.64 | ||||||||
| * | Noted amounts have not yet cleared the bank statement. |
| 17 | 100605591 |
AMERICANWEST BANCORPORATION
DEBTOR IN POSSESSION
Operations TEST
Jul 31, 2011
Pg 1 of 1
| Ban Control |
||||||
| 07/01/2011 Beginning Balance |
5,634,934.98 | |||||
|
1 Deposits/Other Credits |
+ | 20,084.71 | ||||
|
19 Checks/Other Debits |
– | 8,951.05 | ||||
| 07/31/2011 Ending Balance 31 Days in Statement Period |
5,646,068.64 |
| Deposits/ other credits | ||||
| 07/12/2011 Deposit |
20,084.71 | |||
| Checks listed in numerical order; |
(*) indicates gap in sequence | |||||||||||||||||
| Check |
Date |
Amount | Check | Date | Amount | |||||||||||||
| 1057 |
07/08 |
500.00 | 1066 | * | 07/28 | 1,625.00 | ||||||||||||
| 1058 |
07/07 |
500.00 | 1067 | 07/29 | 645.65 | |||||||||||||
| 1059 |
07/05 |
500.00 | 1068 | 07/19 | 1,954.87 | |||||||||||||
| 1060 |
07/06 |
500.00 | 1069 | 07/28 | 283.05 | |||||||||||||
| 1061 |
07/07 |
500.00 | 1070 | 07/28 | 68.00 | |||||||||||||
| 1062 |
07/07 |
480.00 | 1071 | 07/19 | 8.80 | |||||||||||||
| 1063 |
07/18 |
287.91 | 1072 | 07/20 | 236.25 | |||||||||||||
| 1064 |
07/20 |
69.00 | 1075 | * | 07/28 | 500.00 | ||||||||||||
| Other Debits | ||||||||||
| 07/27/2011 |
ACH Payment | LABOR&INDUSTRIES | L&I ELF | 8.12 | ||||||
| 07/29/2011 |
ACH Payment | UT DPT WORKFORCE | WAGES | 164.92 | ||||||
| 07/29/2011 |
ACH Payment | IRS USATAXPYMT | 119.48 | |||||||
| Daily Ending Balance | ||||||||||||||||||
| 07/01 |
5,634,934.98 | 07/08 | 5,631,954.98 | 07/20 | 5,649,482.86 | |||||||||||||
| 07/05 |
5,634,434.98 | 07/12 | 5,652,039.69 | 07/27 | 5,649,474.74 | |||||||||||||
| 07/06 |
5,633,934.98 | 07/18 | 5,651,751.78 | 07/28 | 5,646,998.69 | |||||||||||||
| 07/07 |
5,632,454.98 | 07/19 | 5,649,788.11 | 07/29 | 5,646,068.64 | |||||||||||||
Office of the US Trustee - Region 18
Seattle, Washington
Debtor Name: AmericanWest Bancorporation
Case Number: 10-06097-PCW11
Statement of Aged Receivables
For the month ending July 31, 2011
| Total Due | Current (0-30 Days) |
Past Due (31-60 Days) |
Past Due (61-90 Days) |
Past Due (91 & Over) |
||||||||||||
| Prepetition | ||||||||||||||||
| $ — | $ | — | $ | — | $ | — | $ | — | ||||||||
| Postpetition | ||||||||||||||||
| $ — | $ | — | $ | — | $ | — | $ | — | ||||||||
| Totals | ||||||||||||||||
| $ — | $ | — | $ | — | $ | — | $ | — | ||||||||
| Accounts Receivable Reconciliation | ||||
| Opening Balance |
$ | — | ||
| New Accounts this Month |
$ | — | ||
| Balance |
$ | — | ||
| Amount Collected on Prior Accounts |
$ | — | ||
| Closing Balance |
$ | — | ||
| Check Figure |
$ | — |
Office of the US Trustee - Region 18
Seattle, Washington
Debtor Name: AmericanWest Bancorporation
Case Number: 10-06097-PCW11
Statement of Aged Payables
For the month ending July 31, 2011
NOTE: Schedule only includes postpetition debts.
| Account Name | Description | Total Due | Current | Past Due | Past Due | Past Due | ||||||||||||||||||
| (0-30 Days) | (31-60 Days) | (61-90 Days) | (91 & Over) | |||||||||||||||||||||
| Foster Pepper |
$ | 16,701 | $ | — | $ | 5,201 | $ | 11,500 | ||||||||||||||||
| Morrison Foerster |
$ | 5,410 | $ | — | $ | 5,410 | $ | — | ||||||||||||||||
| Sandler O’Neil |
$ | 13,000 | $ | — | $ | — | $ | — | $ | 13,000 | ||||||||||||||
| Taxing authorities for payroll taxes withheld and accrued |
$ | 619 | $ | 619 | $ | — | ||||||||||||||||||
| Uncashed dividend checks |
$ | 20,085 | $ | 20,085 | $ | — | $ | — | $ | — | ||||||||||||||
| Patrick J. Rusnak Services Performed |
$ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
| Jay Simmons Services Performed |
$ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
| Shelly L. Krasselt Services Performed |
$ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Totals |
$ | 55,815 | $ | 20,704 | $ | 5,201 | $ | 5,410 | $ | 24,500 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Accounts Payable Reconciliation |
||||||||||||||||||||||||
| Opening Balance |
$ | 38,843 | ||||||||||||||||||||||
| Total New Indebtedness Incurred this Month |
$ | 20,704 | ||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Balance |
$ | 59,546 | ||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Amount paid on Prior Accounts Payable |
$ | 3,731 | ||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Closing Balance |
$ | 55,815 | ||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
Office of the US Trustee - Region 18
Seattle, Washington
Statement of Operations, Taxes, Insurance and Personnel
For the Month Ending: July 31, 2011
Debtor Name: AmericanWest Bancorporation
Case Number: 10-06097-PCW11
1. What efforts have been made toward presentation of a plan to the creditors?
Plan balloting is subject to a pending extension motion and plan confirmation has been
postponed until September 2011, with specific dates to be determined.
2. Has the Debtor in Possession, subsequent to the filing of the petition, made any payments on its prepetition unsecured debt, except as have been authorized by the Court?
|
|
: Yes | |||||||
| X |
: No | Identify amount, who was paid and the date paid: | N/A |
3. Provide a narrative report of significant events and events out of the ordinary course of business:
None
4. List any payments during this period on debt that has been personally guaranteed by any principal, partner or officer of the business.
None
5. If assets have been sold in other than the ordinary course of business, please provide details as to the asset sold, date of sale, total sales price, deductions (i.e. commissions), and net amount received.
None
6. STATUS OF TAXES
| AMOUNT WITHHELD OR ACCRUED |
AMOUNT PAID |
DATE PAID |
POSTPETITION TAXES PAST DUE |
|||||||||||||
| FEDERAL TAXES |
||||||||||||||||
| FICA |
$ | 171 | $ | — | N/A | $ | — | |||||||||
| Withholding |
$ | 337 | $ | — | N/A | $ | — | |||||||||
| Unemployment |
$ | 17 | $ | 119 | 7/29/2011 | $ | — | |||||||||
| Income |
$ | — | $ | — | N/A | $ | — | |||||||||
| Other |
$ | — | $ | — | N/A | $ | — | |||||||||
| STATE TAXES |
||||||||||||||||
| Dept. of Labor and Industries |
$ | — | $ | 8 | 7/25/2011 | $ | — | |||||||||
| Income |
$ | — | $ | 425 | 7/29/2011 | $ | — | |||||||||
| Employment Sec. |
$ | — | $ | — | N/A | $ | — | |||||||||
| Dept. of Revenue |
$ | — | $ | — | N/A | $ | — | |||||||||
| B&O |
$ | — | $ | — | N/A | $ | — | |||||||||
| Sales |
$ | — | $ | — | N/A | $ | — | |||||||||
| Excise |
$ | — | $ | — | N/A | $ | — | |||||||||
| OTHER TAXES |
||||||||||||||||
| City Business/License |
$ | — | $ | — | N/A | $ | — | |||||||||
| Personal Property |
$ | — | $ | — | N/A | $ | — | |||||||||
| Real Property |
$ | — | $ | — | N/A | $ | — | |||||||||
| Other (List) |
$ | — | $ | — | N/A | $ | — | |||||||||
Explain reason for any past due postpetition taxes:
N/A
7. SCHEDULE OF SALARY AND OTHER PAYMENTS TO PRINCIPALS / EXECUTIVES / INSIDERS*
| Payee Name |
Position | Nature of Payment | Amount** | |||||
| Patrick J. Rusnak |
CEO and President | Services Performed | $ | — | ||||
| Shelly L. Krasselt |
Principal Accounting Officer | Services Performed | $ | — | ||||
| * | List accrued salaries whether or not paid and any draws of any kind or perks such as car, etc. made to or for the benefit of any proprietor, owner, partner, shareholder, officer, director or insider. |
| ** | Amounts shown are for the month ending July 31, 2011, no amounts were accrued. |
8. SCHEDULE OF PAYMENTS TO ATTORNEYS AND OTHER PROFESSIONALS
| Appointment Date | Amount Paid This Month | Date of Court Approval |
Aggregate Received |
Estimated Balance Due |
||||||||||||||
| Debtor’s Counsel |
11/17/2010 | $ | — | 6/2/2011 | $ | 188,299 | $ | 16,701 | ||||||||||
| Counsel For Unsecured Creditors’ Committee |
$ | — | $ | — | $ | — | ||||||||||||
| Trustee’s Counsel |
$ | — | $ | — | $ | — | ||||||||||||
| Accountant |
$ | — | $ | — | $ | — | ||||||||||||
| Special Counsel |
11/2/2010 | $ | — | 6/2/2011 | $ | 542,770 | $ | 5,410 | ||||||||||
| Financial Advisor |
11/2/2010 | $ | — | * | $ | 52,179 | $ | 13,000 | ||||||||||
| * | Paid per 12/14/2010 interim payment order. |
Identify fees accrued but not paid during the month: Debtors Counsel $0; Special Counsel $0.
9. Please explain any changes in insurance coverage that took place this month.
None
10. Personnel
| Full Time | Part Time | |||||||
| Total number of employees at beginning of period |
0 | 2 | ||||||
| Number hired during the period |
0 | 0 | ||||||
| Number terminated or resigned during the period |
0 | 0 | ||||||
| Total number of employees on payroll at period end |
0 | 2 | ||||||
| Total payroll for the period |
$ | — | ||||||